AGM Statement

RNS Number:7698J
Reed Elsevier PLC
Reed Elsevier NV
08 April 2003


           Issued on behalf of Reed Elsevier PLC and Reed Elsevier NV


                                                                    8 April 2003


       Annual General Meetings of Reed Elsevier PLC and Reed Elsevier NV
                              Chairman's Statement


Morris Tabaksblat, Chairman of Reed Elsevier PLC and Reed Elsevier NV, told
shareholders at the Reed Elsevier PLC meeting in London today that  "We were
pleased to report a further year of strong financial performance and strategic
progress in 2002. Reed Elsevier achieved the targets we established three years
ago despite a very different and more challenging global economic environment:
organic revenue growth was ahead of the market in each of our four divisions;
adjusted earnings per share saw double digit growth at constant currencies; and
a good conversion of earnings into cash has been delivered.  The Harcourt
Science & Medical and Education businesses acquired in 2001 strongly contributed
in their first full year within Reed Elsevier".

Looking at the trading performance in 2003 to date, Mr Tabaksblat commented
that:

"Overall trading conditions in our main markets have changed little since our
2002 Preliminary Results announcement on 20 February.  As stated then, 2003
should again see us meeting our key financial targets of above market revenue
growth and double digit adjusted earnings per share growth at constant
currencies.  Inevitably, some caution would be necessary if there were to be a
marked further deterioration in the economic environment."

The performance trends in Reed Elsevier's businesses are as follows:

The Science & Medical business continues to perform well and is on course for
another good year.  Science journal subscriptions and ScienceDirect renewals
remain strong.  Health Sciences is continuing to see a turnaround in the
business, with a strong front list publishing programme and good back list
sales.

The Legal business has continued its positive momentum.  Lexis Nexis is making
good progress in expanding its content and adding to the functionality of its
online services.  Strong demand for risk solutions services continues to drive
growth in US corporate and federal markets.  The business remains on track to
outperform the market and further improve operating margins.

In Education, the US schools business is only halfway through the selling cycle
for the next academic year.  Some limited recovery in the schools market has
been anticipated, although there is continuing uncertainty over the extent to
which pressures on individual state budgets will impact spending on
instructional materials or would be mitigated by the benefits of additional
federal funding.  Harcourt is targeting another year of outperformance as well
as further margin improvement through increasing operational and supply chain
efficiency.

The Business division is performing as expected in a difficult market
environment.  As stated in February, a modest decline in underlying revenues
might be expected, absent any further marked deterioration in economic
conditions, given the drift in advertising markets and the net adverse impact
this year of the cycling of non-annual exhibitions.  The continued focus on
building share and managing yields should enable Reed Business to outperform the
market, with further margin improvement through tight cost control.

As stated in February, if current exchange rates prevail, there will be an
adverse translation impact on reported earnings particularly when expressed in
euros."

The Annual General Meeting of Reed Elsevier NV, the co-parent of Reed Elsevier
Group plc, will be held in Amsterdam tomorrow and Mr Tabaksblat, also Chairman
of Reed Elsevier NV, will make the same comments to that meeting.

This announcement contains forward looking statements within the meaning of
Section 27A of the Securities Act 1933, as amended, and Section 21E of the
Securities Exchange Act 1934, as amended.  These statements are subject to a
number of risks and uncertainties and actual results and events could differ
materially from those currently being anticipated as reflected in such forward
looking statements.  The terms 'expect', 'should be', 'will be', and similar
expressions identify forward looking statements.  Factors which may cause future
outcomes to differ from those foreseen in forward looking statements include,
but are not limited to: general economic conditions and business conditions in
Reed Elsevier's markets; exchange rate fluctuations; customers' acceptance of
its products and services; the actions of competitors; legislative, fiscal and
regulatory developments; changes in law and legal interpretation affecting Reed
Elsevier's intellectual property rights; and the impact of technological change.


For media enquiries contact:

Catherine May, Reed Elsevier, tel [phone]



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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